The Final Closing Entry to Be Journalized Is Typically the Entry

question 74

Multiple Choice

The final closing entry to be journalized is typically the entry that closes the

• A)revenue accounts.
• B)dividends account.
• C)retained earnings account.
• D)expense accounts.

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Definitions:

Return

The gain or loss on an investment over a specified period, expressed as a percentage of the investment's initial cost.

Profits

Financial gains obtained when the revenue generated from business activities exceeds the expenses, costs, and taxes needed to sustain the operation.

Farmer

An individual engaged in the practice of raising crops or livestock, typically for food or raw materials.

Profit-Maximizing

The process by which a firm determines the price and output level that returns the greatest profit.